We lend against real property, first lien, short duration — and get paid before anyone else does.
The income layer. Contractual, collateralized, and short.
First lien. Always. Never junior, never unsecured.
50–70% LTV. The borrower's equity absorbs the loss before our principal is touched.
1–12 months. Capital returns and reprices quickly instead of sitting in a five-year assumption.
$250K–$10MM. Business purpose, entities only.
Would we be content owning this property at our loan amount?
If no, we don't lend — regardless of the rate.
Our proprietary origination engine puts us in front of borrowers directly, instead of bidding on the same broker-sourced deals as everyone else. Our distressed work is a second channel — we're already talking to operators before a deal reaches the market.
Collateral analysis, title and lien review, sponsor history, and exit feasibility run through underwriting software we built and own. The file assembles itself while a human makes the judgment call. For a borrower under contract, certainty of close is worth more than a quarter point. That's the whole reason we hold our rate.
Every loan makes the next one faster and better underwritten. The system learns the markets, the sponsors, and the assets we've already valued.
Some will. Here's what happens.
We service in-house, so we know a problem is coming before a payment is missed. Most issues resolve through a short extension or a restructure with an operator who called us early. When they don't, we already underwrote the collateral as if we'd end up owning it — and our distressed team resolves it the same way we resolve any other file.
The honest version: recovery takes time and legal cost, and our upside is capped at the coupon even when the property doubles. We accept both in exchange for standing first in line.
[What went wrong, what we did, and what the outcome was for investors.]
Private credit is the income layer of what we do. Our own capital sits in the same loans on the same terms. We work with a small number of families and institutions. Materials available on request.